United Payments Interface (UPI) in India reported Rs 12.98 lakh crore transaction value in January 2023. According to the National Payment Corporation of India (NPCI) data, the figures witnessed a 1.3 per cent jump from Rs 12.82 lakh crore in December 2022. Additionally, it registered Rs 803 crore transaction count in January 2023, compared to Rs 782 crore in December 2022. It reported a 2.65 per cent month month-on-month (M-o-M) growth. 

UPI transaction count achieved a 74 per cent year-on-year (YoY) growth in January 2023. Compared to this year’s Rs 803 crore, it stood at Rs 461 crore in January 2022. Transaction value witnessed a 52 per cent jump from Rs 8.31 lakh in January 2022. 

Last year, around 742 banks processed 7,404.5 crore transactions worth Rs 125.95 lakh crore rupees. 

The Economic Survey 2023, which was tabled before the budget, revealed that 52 per cent of the total 8,840 crore digital financial transactions in the financial year 2022 (FY22) were made through UPI. 

 NPCI has not revealed an application-wise breakdown in January 2023. However, the body stated that PhonePe, Google Pay and Paytm were the top three apps for UPI transactions. Combinedly, 90 per cent of the transitions in December were made through these three applications. It has also not revealed the person-to-person (P2P) and person-to-merchant (P2M) transaction breakdowns. 

The government-controlled payment body also set a target to achieve a one billion UPI transaction target per day.